OK, my understanding is that for quite some time, say 25 years, unemployment in Wesrtern Europe has a everaged about 10-11%, while in the US the average has been a little more than half that, maybe 6% Is that right? Pressed on this topic by a smart, fairly open-minded, not economically informed teenager, I found myself saying, well, the Official Explanation according to the Economists is that labor is compatively overpriced in Europe. However, this isn't right because . . . . because what? I realize I should have had a snappy or even a plausible answer to this question, but i didn't. And don't. Please help me here. Operate on the assumption that there are no stupid questions. Or sneer, whatever, but please help.
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